Oddbean new post about login | logout Bank to #bank #money transfers in the US are so broken. I had to send a bunch of money to my real estate agent. She asks “Do you use #zelle? #venmo?” No. Fuck that. I do not need anybody’s #privacy policy involved in transferring money. I could “send a wire” but that costs $25 in the year 2023. That’s also fucked up. In the UK you just put in bank routing details and poof! Money moves instantly, securely, and free? Why? Because the fucking law says so. That’s why. So I wrote them a check. In 2023 I wrote a check. Then I emailed them photos of the check. They used their bank’s mobile app to fucking take photos of the pictures of the check I sent. And it worked! Free. Electronic. With no third parties. Stupid as hell.
Dude it is absolutely insane. Stripe suddenly decided to close our business account after approving it and accepting money from clients. Now they are holding it for at least thirty days so they say... We asked why, we asked how we can work together in the future, no response. So in 2023 we are back to getting mailed checks.
As real estate investors, and providers of information and guidance...we agree that the system is broken. A real estate agent that suggests venmo or zelle is likely an inexperienced (<5 years) agent that is just trying to survive. Real estate is one of those (at least in America) government sponsored/subsidized industries that will be the LAST to adopt a technology like blockchain. It is out of the reach of most real estate investors, but if you work entirely in the private realm, you can use blockchain for everything. It is when you introduce mainstream intermediaries like real estate agents, traditional banks, government backed mortgages,e tc. that you have to revert back to using earlier technology and communication. We're available if you want to purchase or sell real estate using the latest methods. #realestate #grownostr #blockchain #bank #money